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Asset financing firm Shriram Transport Finance Company on Tuesday said it will raise $500 million (approx Rs 3,475.50 crore) through issuance of secured notes.
Shriram Transport Finance said it plans to use the proceeds from the fund raise for onward lending and other activities as may be permitted by the External Commercial Borrowings (ECB) directions.
“The bond issuance committee has approved issuance of $500,000,000 (approx Rs 3,475.50 crore) senior secured notes under the $2,000,000,000 global medium term note programme...The company is signing the pricing supplement in this regard,” Shriram Transport Finance Company said in a BSE filing.
Shriram Transport Finance Company said these notes, have a tenure of 3.5 years and carry an interest rate of 5.95 per cent per annum payable semi-annually. They will be listed on the Singapore Exchange Securities Trading Ltd.
Shares of Shriram Transport Finance Company ended 0.62 per cent higher at Rs 1,229.35 apiece on the BSE.
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